I give up

inthegarden

LoanSafe Member
Mar 9, 2010
236
1
0
OK, I called that stupid HOPE line and spoke with someone who was more intent on telling me that I had no hope. Spoke with Chase and they are ignoring me, with the same spiel about "waiting for a decision." OCC complaint is in process, but of course nothing happening there.

I give up. I just give up. I know I'm current on our mortgage and even though we qualify, we're current, so they are ignoring us.

This whole thing is bull*&)()%.. I am sick and tired. I do not have it in me to fight right now. I am just going to accept what it is and once we can't afford the adjusted pymt, we will just have to pack up and leave.

I hate to be a quitter... but I am drained from trying so hard to be proactive. I know that I'm not more deserving than anyone else. I just hoped that this whole help for homeowners was truly something worth the effort.

It's nothing but a crock of &^*(&%.
 

yomann

LoanSafe Member
Oct 11, 2009
960
2
0
S.F. Bay Area, Calif.
........... I give up. I just give up. I know I'm current on our mortgage and even though we qualify, we're current, so they are ignoring us............
Don't give up the fight ...... once you get behind by 90 days their tune will change.
Have you escalated your case to the OOP (office of the Ptresident) ?
Contact info is on the forums.
 

capote203

LoanSafe Member
Jan 29, 2010
551
3
18
California
OK, I called that stupid HOPE line and spoke with someone who was more intent on telling me that I had no hope. Spoke with Chase and they are ignoring me, with the same spiel about "waiting for a decision." OCC complaint is in process, but of course nothing happening there.

I give up. I just give up. I know I'm current on our mortgage and even though we qualify, we're current, so they are ignoring us.

This whole thing is bull*&)()%.. I am sick and tired. I do not have it in me to fight right now. I am just going to accept what it is and once we can't afford the adjusted pymt, we will just have to pack up and leave.

I hate to be a quitter... but I am drained from trying so hard to be proactive. I know that I'm not more deserving than anyone else. I just hoped that this whole help for homeowners was truly something worth the effort.

It's nothing but a crock of &^*(&%.
I wasted 14 months dealing w bofa - at the end being declined because I was current. I know how you feel. I missed my first payment last month and am reapplying.
 

silywabt

LoanSafe Member
Apr 21, 2010
74
0
0
Renton, WA
I am current also but from everything i have seen on this blog-it sounds like you have to late to get noticed. I'm with Chase and it has been a very frustrating experience. I've been proactive in sending in all my docs. It's a waiting game from now on.
 

SurfwhenUcan

LoanSafe Member
Apr 23, 2010
1,766
11
0
Sunny San Diego
This whole thing is bull*&)()%.. I am sick and tired. I do not have it in me to fight right now. I am just going to accept what it is and once we can't afford the adjusted pymt, we will just have to pack up and leave.
It's nothing but a crock of &^*(&%.
Spoken like someone who truly gets it (and I'm being serious).

A couple things here - Adjusting payment - has it adjusted upward yet or is it scheduled adjust?
Do you know it will adjust upward? Some indexes on these adjustables are adjusting downward.

Finally, why are you staying current? I've posted a couple times about this, but the effect of a few late payments on a mortgage is overblown (unless your job depends on a good credit score). Once you get the mod, manage your debt, keep payments current and let time heal your credit. Some people agonize through months and months of struggling to keep their payments and then Surprise! after all that agony, they get late payments anyway, because the lender will report you late on every payment you make during the trial period.
 

inthegarden

LoanSafe Member
Mar 9, 2010
236
1
0
It will adjust in 2011. Yes, I know we are applying early... However, our current payment is a burden for us now, and we're barely making it. I've lost a chunk of my income and then got sick last year, so have tons of medical bills. Also SE taxes are due and we are behind on those. We are struggling to make ends meet, including keeping up with the costs of our business. It is a monthly struggle.

Now I feel like it would be a relief to let go of this house, even though it's been our home for the past 10 years. My children would be heartbroken, as would my husband, and me too. However, I've been the one handling this loan mod thing, so that's the reason I'm probably feeling more resigned than my husband at this point.

I don't want to lose our home. But it seems so futile at this point. In the end, I fear that we likely will lose, and I am trying to soften the blow.
 

inthegarden

LoanSafe Member
Mar 9, 2010
236
1
0
A couple things here - Adjusting payment - has it adjusted upward yet or is it scheduled adjust?
Do you know it will adjust upward? Some indexes on these adjustables are adjusting downward.

Finally, why are you staying current? I've posted a couple times about this, but the effect of a few late payments on a mortgage is overblown (unless your job depends on a good credit score). Once you get the mod, manage your debt, keep payments current and let time heal your credit.

I see your point about staying current and it makes a lot of sense. I think it's something to strongly take into account. Will they foreclose if you are 1 or 2 months behind? At what point will they start foreclosure in CA?

Also, how far in advance can you tell what the rate will adjust to?
 

tmm09

LoanSafe Member
Dec 16, 2009
50
0
0
SF Bay Area
I feel your pain! I remember when I first started going through my financial hardship. I tried with no luck trying to modify my loan for a year. Finally, I was at the same place, gave up and said forget it, it's not worth my sanity! Stopped paying and worked on doing a short sale. Once I became 90 days late, they started contacting me with options.
 

SurfwhenUcan

LoanSafe Member
Apr 23, 2010
1,766
11
0
Sunny San Diego
I see your point about staying current and it makes a lot of sense. I think it's something to strongly take into account. Will they foreclose if you are 1 or 2 months behind? At what point will they start foreclosure in CA?
Let me preface this by saying you should not base your decisions solely on what you read on this site.

That being said, no they cannot take your home if you do not make a couple of payments. Without going into a huge discourse on California Foreclosure law (you can get this info by going to Foreclosure Law.org), none of these dates are hard and fast but generally, from 1 -2 two months you will get calls, threats, nice letters offering to look at your situation for modification and scary letters about losing your home. At 90 days past due, the lender will prepare to move your loan to the Foreclosure Dept. You are facing a Notice of Default (NOD) after 90 days. Usually by 112 days past due they send out the notice to County Recorder (and you) and it shows up on title. The Notice of Default is official notification that the Foreclosure Clock is now ticking (also, they do not accept partial payments, they now want it all lump sum or nothing), 90 days after the notice of Default they can issue a Notice of Sale (NOS) and I think 20 days after that they can sell the house.

None of these dates are fixed, rarely goes like this unless you just do not pay attention or make any effort to contact the bank.
 

SurfwhenUcan

LoanSafe Member
Apr 23, 2010
1,766
11
0
Sunny San Diego
Will they foreclose if you are 1 or 2 months behind? At what point will they start foreclosure in CA?

Also, how far in advance can you tell what the rate will adjust to?
One other thing,
It is at the lender's discretion when they file or sell anything (within the constraints of the law) and modification efforts tend to prolong the process, sometimes indefinitely.

This is not advice to you specifically, just a hypothetical situation but if I wanted to go 60 days past due and and stay there (thus helping myself to qualify under Imminent Default) , then if I paid the May payment in May, missed June 1st and July 1st, I would make my full payment around Aug 27-29 because on Sept. 1 I am officially 90 days past due and flirting with an NOD. This would only be if I can afford the payment I'm supposed to pay but just financially in trouble.
 

tmm09

LoanSafe Member
Dec 16, 2009
50
0
0
SF Bay Area
Another thing you have to keep in mind is don't just assume you can be 90 days late and make payments to keep them from forclosing. Once I reached 90 days late - Wachovia, now Wells would not let me make any payments unless it was the full chunk. If anything, Tuck away your payments and don't spend them on anything, that way, you have some leverage in case you change your mind later on.. you never know. This is a big emotional roller coaster. Just stay strong and do whats best for you and your family to be happy and secure.
 

inthegarden

LoanSafe Member
Mar 9, 2010
236
1
0
Thank you all very much.

Yes, it's a gamble, which makes the decision on strategy difficult. In the end, if we (my husband and I) don't try all of our options, we will indeed lose, because there is no way we will be able to make the adjusted payment in 2011.

Something to sleep on, for sure, and decide how to tackle their game; and I've come to believe it IS a game for them, for they do not have as much at stake.

Me, I'm tired and worn out. I feel like a joke to them. Either we will continue on the track we're on and just deal with the blow in 2011 (pack and leave) or think of short sale options.. Our home is worth so much less now, so I doubt they'd even accept a short sale. sigh....

The HOPE representative told me that since we are current we are wasting valuable time by paying, but then she quickly disclaimed that she wasn't advising to not pay. Like I said, it's a game, a gamble, and regardless of our strategy, it will be a roller coaster, because in the end the bank will either decide they will help us or they will foreclose. I can't control that.
 

shan2s

LoanSafe Member
Dec 5, 2009
62
0
0
inthegarden, I feel your pain. I started in March of 2009 trying to be proactive because my 2 Chase mortgages were becoming harder and harder to handle, my credit card debt was mounting, and there were some things at work on the horizon that would change my income. Fast forward 14 months, I've been denied 3 times for "hardship not significant enough" and "you are not 60 days delinquent". So I've stopped paying my 2nd altogether and am staying 30-45 days late on my 1st (and I know I should probably make that 60 days to get any attention). You'd think they would want to allow me to pay them their full amount due with modified terms, right? I don't even have a Fannie Mae or Freddie Mac product, so what do they get out of it if they foreclose? Probably some crooked insurance payoff I don't even know about.

I've also told them 122 people are about to get laid off at my job, and I may still be employed but making about 30k less soon. You'd think they'd want to modify me at THIS salary, no? Now I'm waiting to apply again when my salary REALLY takes a dive. One day a month furloughs were not enough hardship for them.

I write all this to tell you you are not alone- as you can plainly see from this website. Take a few days off from thinking about it, and then start fresh if you want to keep your house. And keep remembering that you can't control a lot of what is going on but you will rest easier when this is all over knowing that you did all you could. Come here and post when you want to scream and vent- we're listening!
 

inthegarden

LoanSafe Member
Mar 9, 2010
236
1
0
Thank you, Shan2s. I do want to keep my home. Today is a new day. I'm going to try to focus on other things today..

I will not lose my home without trying everything within my power to keep it. Like you said, at least in the end, whatever the outcome, I can say that I did my very best.
 

Jillian118

LoanSafe Member
Jun 2, 2009
1,235
6
0
Southern Cali
I understand as well as I tried to be proactive, thinking I was doing the right thing. Hindsight is always 20/20. I can tell you that loss mitigation wouldn't look at my file until I was 60 days late.

Oddly there timeline for 60 days is this....

I was unable to make Nov 09 payment & waiting for a decision from imminent default & handling collection calls as well.

Dec 5th (i think) I was considered 60 days late b/c the payment was not there on the first. I was then put in a trial mod starting in Jan that quick....after fighting with immient default for almost one year.
 

Do_the_math

LoanSafe Mortgage Guide
Nov 1, 2009
175
2
0
"I give up" is not an option. "I will change my strategy" is a healthier approach. You are not a helpless victim, and believe me, there are a LOT of worse things in life to lose then a house. Your family, children, health, happiness and future are what are really important.

With that said, you have to consider your options. They are:

1. Continue to make your payments and continue to ask for loss mitigation assistance.
2. Stop making your payments. This will damage your credit as well probably extend the length of time until you qualify for another home loan.
3. Sell the property (even if it requires a short sale).
4. Possibly file bankruptcy to eliminate the medical bills and reach a settlement on the taxes.

These are just some of your alternatives, but if you do default, I highly advise you to do so strategically. It drives me crazy when I see homeowners in my neighborhood just abandon their properties when the lender won't extend a modification.

Understand that borrowers who do not qualify for a modification or forbearance might qualify for a short sale. If borrowers, who have kept their credit otherwise satisfactory and did not default the mortgage complete a short sale, there is no waiting period to purchase another home using a FHA mortgage. If you go delinquent prior to short sale, you will have a mandatory 2 year waiting period. Furthermore, you may have to come up with a larger down payment or may have difficult due to credit score.

In a market with declining housing prices, this is an ideal strategy because it allows you to unwind the house and mortgage and purchase later at a substantially lower price. Borrowers who do this are the clear winners. It may even be possible to sell your home to an investor who may be willing to lease the home back to you- or maybe even agree to resell it to you in the future.

Right now, there is legislation in your favor. The debt forgiveness is not taxable for most borrowers. Plus, with so many people in the some boat, the social stigma is vastly reduced.

Even if you do default, please don't just move out. For one, it is not good for your community and neighborhood. Plus, the home is vulnerable to squatters, vandalism and theft. You are liable for the property for as long as you own it, and considering how long foreclosure can take, you could be on the hook for a while. Additionally, if you are going to mess up your credit, you might as well bank your mortgage payment instead of immediately paying rent. You never know. The note holder might decide later to work something out rather than foreclose.

Whatever it is that you choose, I sincerely hope that is not to be a victim. Understand that the bank is the one that ultimately takes the loss. Most borrowers really can walk away unscathed and make a new start.

Is it a pain? Yes. It is. But when you consider that 100 years ago you wouldn't have been able to vote- let alone discuss your husband's business publicly (even anonymously). Modern life has its problems, but we truly are fortunate. Let's figure out a way to make you the winner in this.
 

SurfwhenUcan

LoanSafe Member
Apr 23, 2010
1,766
11
0
Sunny San Diego
Another thing you have to keep in mind is don't just assume you can be 90 days late and make payments to keep them from forclosing. Once I reached 90 days late - Wachovia, now Wells would not let me make any payments unless it was the full chunk. If anything, Tuck away your payments and don't spend them on anything, that way, you have some leverage in case you change your mind later on.
Sound advice, I forgot to add that, thanks for catching it. How many people on this site (and around the country) didn't do that and wound up in hot water when the bank didn't cooperate.

DO NOTsave the money in an account the bank knows of or that you will be submitting with a hardship package. Go to a new bank and set up a savings account and do not transfer the funds, the bank look for transfers, cash withdrawals and frivolous spending by going through your bank statement LINE by LINE. Seeing you sock away a mortgage payment's worth of cash each month while you are claiming hardship will not help your case.
 

inthegarden

LoanSafe Member
Mar 9, 2010
236
1
0
"I give up" is not an option. "I will change my strategy" is a healthier approach. You are not a helpless victim,
No, I am not a helpless victim and I would never consider myself one. When I said, "I give up" I meant that I am giving up on my current strategy, and I was venting in a place where it would be "appropriate", given the conversations I've been trying to hold with all of the morons at Chase, HOPE, et al. Better here than in front of my children.

Whatever we do, we will make an educated decision that we hope will produce the most favorable outcome, hopefully keeping our home, but not exhausting all other alternatives. We can only do the best we can.

I appreciate all of the input here on this forum. It's easy to get down on myself with all of this, but sometimes I fall apart, being human as I am. But I would NEVER claim to be or consider myself a victim for the choices I make.
 

Do_the_math

LoanSafe Mortgage Guide
Nov 1, 2009
175
2
0
That is the spirit! I apologize if my comments seemed insensitive or were deemed to accuse you of being a victim. I understand that people need to vent, but I see so much going on around me and so many families and marriages that are going through stress, I want to help. I see so many people that are trying to save their homes go through the stages of grief. It is healthy to let it out, and is appropriate.

I'm glad to hear your follow up comments, and that you are on the right path.